Torrid Holdings, a plus-size women's fashion retailer spun out of Hot Topic, announced terms for its IPO on Wednesday.
The City of Industry, CA-based company plans to raise $156 million by offering 8 million shares (100% insider) at a price range of $18 to $21. At the midpoint of the proposed range, Torrid Holdings would command a market value of $2.1 billion.
Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The company offers a broad assortment of products including tops, denim, dresses, intimates, activewear, footwear, and accessories. Torrid claims that the US women's plus-sized apparel market serves 90 million plus-size women, defined as wearing sized 10 and up. The company markets directly to consumers via its physical footprint of 608 stores and its e-commerce platform, which represented 69% of net sales in the 12 months ended May 1, 2021.
Torrid Holdings was founded in 2001 and booked $1.1 billion in sales for the 12 months ended April 30, 2021. It plans to list on the NYSE under the symbol CURV. Morgan Stanley, BofA Securities, Goldman Sachs, Jefferies, Baird, Cowen, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
